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Insurance Department proposes technical statute updates, notification rules and licensing changes
Summary
The Insurance Department told the Commerce Committee House Bill 499 would make mostly ministerial corrections while adding a few targeted technical changes including a company notification requirement, a higher domestication capitalization threshold and small fee eliminations.
The Insurance Department presented House Bill 499 as largely housekeeping changes with several targeted technical updates designed to improve regulatory clarity and reduce administrative friction.
Key changes described by Insurance Commissioner D.J. Bettencourt and department counsel Emily Doherty included:
- Notification on market changes: insurers would be required to notify the department (simple email) if they withdraw from a line of business, cease writing in a county, or substantially change offerings so the department can better advise…
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